Adani Appoints NY Based Law Firm To Take Up Hindenburg Research Case
The law firm is one of the most expensive of all firms in NY, which implies the intense amount of presence Adani’s are going through.
NEW DELHI: The Adani Group has appointed Wachtell, Lipton, Rosen & Katx, to take up the case of Hindenburg Research, that has put allegations on Adani's regarding stock manipulation and forgery. Adani has now passed on the task to the New York based law firm in order to dig out the truth behind the accusations.
As per reports, the law firm is one of the most expensive of all firms in NY, which implies the intense amount of presence Adani's are going through. Notably, Wachtell, Lipton, Rosen & Katz was appointed by Twitter during their clash with Elon Mask.
Hindenburg Research on 24th of January claimed that, Gautam Adani is involved in stock market manipulation. Apart from that, several allegations were made against Adani group and the role of his close family members. The Adani group claims that the allegations are null and it is trying to defame and sabotage the FPO of Adani Enterprise. However, Adani denied all allegations and declared legal action against the Hindenburg research after the stock market witnessed a massive loss.
Hindenburg basically works as a forensic economic research enterprise concentrated on stock, investment and production. More than 200 Congress workers has been arrested by the police in Guwahati for carrying out protest in front of the Life Insurance Corporation (LIC) office. On Monday, the Congress have resorted to a nationwide protest in front of the SBI and LIC offices.
Congress supporters initiated sit in protest outside State Bank of India (SBI) main branch located in Dibrugarh. The prime motive behind the protest revolved around demand for an investigation and probe under the supervision of Supreme Court into the Hindenburg report against Adani Group. Adani Enterprises will also be extracted out from the Dow Jones Sustainability Indices.
This particular decision has been made by the company based on the allegations put against Adani Group under stock manipulation and fraudulent activities. This has been announced by the S&P Dow Jones Indices. This particular step of removing the Adani Enterprises from the index will essentially have the effect of making its shares less appealing to environment-conscious investors.